MONROVIA – Former Finance and Development Planning Minister Samuel D. Tweah Jr. has raised concern over what he described as government borrowing of US$64 million from the Central Bank of Liberia (CBL) in 2024, calling for clear public explanations while defending the macroeconomic and education record of the former Coalition for Democratic Change (CDC) administration.
In a detailed debt and macroeconomic analysis, Tweah said data drawn from the CBL’s annual reports show that Liberia’s debt trajectory requires honest disaggregation between the former Unity Party (UP) and the CDC administrations. He said the analysis was intended to counter what he described as widespread misinformation surrounding Liberia’s public debt.
According to Tweah, when the CDC assumed office in 2017, it inherited domestic debt of about US$266 million from the UP administration. He explained that this figure increases significantly when additional liabilities incurred prior to 2018 are factored in, including the US$50 million NASSCORP bond and approximately US$65 million owed to commercial banks.
Tweah said the CDC government made a deliberate decision to formally recognize and begin servicing these commercial bank debts in order to restore confidence in Liberia’s banking sector. He noted that the debts existed before the CDC took office but were acknowledged and addressed under President George Weah’s administration.
He further disclosed that the CDC government engaged the International Monetary Fund (IMF) over more than US$300 million in liabilities that were not reflected in official debt statistics but were held at the CBL prior to 2018. According to Tweah, the IMF insisted that a portion of this debt be recognized as a condition for an IMF-supported program, leading to the inclusion of approximately US$170 million despite the absence of a comprehensive audit.
When these components are combined, Tweah said domestic debt attributable to the UP administration reached approximately US$546 million by the time it left office. He added that CDC’s domestic debt later increased but stood at about US$475 million in 2023, based on figures from the CBL.
Tweah pointed to the CBL’s 2024 Annual Report, which he said shows an additional US$64 million borrowing from the Central Bank, describing it as a critical issue that requires transparency and public explanation. He argued that borrowing from the monetary authority has serious implications for macroeconomic stability and fiscal discipline.
On international debt, Tweah explained that such obligations are contracted through multilateral and bilateral partners, including the World Bank and the African Development Bank, while IMF-related liabilities are treated as domestic debt through the CBL. He said the UP administration left an international debt stock of about US$612 million in 2017, largely tied to infrastructure, agriculture, and energy projects.
Tweah emphasized that international loans are disbursed gradually and that disbursements occurring after a change in government are still attributed to the administration that contracted the loans. He said this one-year transition principle applies equally to both the UP and CDC governments.
As of December 2024, Tweah cited CBL data showing total domestic and international debt of about US$2.63 billion. He stressed that a year-by-year breakdown is essential for understanding how the debt stock accumulated and for assigning responsibility accurately.
Beyond debt figures, Tweah highlighted what he described as the economic foundation inherited and later handed over by the CDC. He said the CDC inherited a growth rate of 2.5 percent in 2017 and left office in 2023 with growth at 4.7 percent, while net international reserves increased from about US$110 million to US$221 million.
He also pointed to improvements in government cash balances and poverty indicators, arguing that these outcomes contradict claims that the CDC damaged Liberia’s economy. According to him, governance reforms under the CDC contributed to Liberia securing a second Millennium Challenge Corporation compact.
Turning to education, Tweah rejected attempts by the current administration to claim achievements initiated under President Weah. He outlined severe challenges inherited in 2017, including low teacher assessment scores, shortages of qualified teachers, high out-of-school rates, and widespread overage enrollment.
Tweah listed CDC-era education initiatives supported by the World Bank, the Global Partnership for Education, and the European Union, including school construction, textbook distribution, digital facilities, model schools, and early childhood education projects. He said these efforts expanded access and addressed quality gaps through programs such as the IRISE Project and the Excellence in Learning in Liberia Project.
He concluded that the data presented on debt, macroeconomic performance, and education demonstrate measurable gains under the CDC, while insisting that current leaders must address fiscal challenges transparently. Tweah said Liberia’s progress depends on factual analysis, responsible governance, and policies that directly improve the lives of citizens.
